What's your biggest business bugbear?
- Thread starter DanMartin
- Start date
I'm not really surprised to see "Late Payment" leading the votes.
I really do empathise how much of a worry it is for business people to have to balance cash flow, maintain customers, market products and all the time having people not pay you for the good work you have already done.
I really do empathise how much of a worry it is for business people to have to balance cash flow, maintain customers, market products and all the time having people not pay you for the good work you have already done.
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I would say late payment as well. However, I'm very strict on this and jump on it immediately.
The existing court system is far too slow as well. The Government need to introduce a way of obtaining payment very quickly on an undisputed debt which is overdue.
The existing court system is far too slow as well. The Government need to introduce a way of obtaining payment very quickly on an undisputed debt which is overdue.
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You know its interesting that late payment is the major issue. Im sure it is for a lot of us. We recently increased our debtor days (or decreased as it were) by some 30%..... So we get our money faster from a nice 30% of companies.
Now we wrote some software to integrate with Sage Line 50 and GoldMine to get to this... but realistically theres a bunch of stuff (thats basic) that we'd not been doing well. So heres some of the stuff we did:
1) Agree the terms - just because its written down doesnt count. Draw their attention to it.
2) Make them complete a credit application form, just so they realise your giving them something.
3) Get the accounts person name,phone and email up front.
4) Chase on the day its due and every 5 days after.
5) Put them on-hold, no excuses. We state to our customers that the system does this (it does but we can override it). This helps the none credit people as its "not them but the system".
6) We chase by email, the email has all the details on what your chasing on. It clearly states they will go on stop.
7) No exceptions.
We've not lost a single customer.
We have had our worst pays start paying near enough on time (35 days rather than 30 days).
Most of the time the people we deal with arent responsible for not paying something, so they get frustrated with their own accounts department and help you to chase from the inside.
Now we wrote some software to integrate with Sage Line 50 and GoldMine to get to this... but realistically theres a bunch of stuff (thats basic) that we'd not been doing well. So heres some of the stuff we did:
1) Agree the terms - just because its written down doesnt count. Draw their attention to it.
2) Make them complete a credit application form, just so they realise your giving them something.
3) Get the accounts person name,phone and email up front.
4) Chase on the day its due and every 5 days after.
5) Put them on-hold, no excuses. We state to our customers that the system does this (it does but we can override it). This helps the none credit people as its "not them but the system".
6) We chase by email, the email has all the details on what your chasing on. It clearly states they will go on stop.
7) No exceptions.
We've not lost a single customer.
We have had our worst pays start paying near enough on time (35 days rather than 30 days).
Most of the time the people we deal with arent responsible for not paying something, so they get frustrated with their own accounts department and help you to chase from the inside.
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My biggest bug bear is......Getting people to do what I want them to, that makes me sound like an arrogant monster, let me explain.
We do not do any kind of bookeeping or accounting, we don't even produce invoices. It took a lot of effort to get the accountant, to do it all.
If we want 1 brick delivered to site and are happy to pay the delivery, why try and persuade me come and get it.
We ordered the wrong brick, can you bring us a different one and take this one back.
Yes you will have to wait 2 weeks for a quote.
No very nice lady from Business Link, we don't want or need a business plan.
Yes we want to pay the very expensive chippy to hoover up the mess.
It will cost a lot of money to get us to travel more than 5 miles from my house for work.
Yes Mr & Mrs customer we have to have a key whilst we work in your house, or you make us prisoners here while you go to work.
No we will not come out and give you a quote to fit a 'cat flap', get a cat flap fitter.
erm maybe I am a monster.....Ho Hum!!!!!
We do not do any kind of bookeeping or accounting, we don't even produce invoices. It took a lot of effort to get the accountant, to do it all.
If we want 1 brick delivered to site and are happy to pay the delivery, why try and persuade me come and get it.
We ordered the wrong brick, can you bring us a different one and take this one back.
Yes you will have to wait 2 weeks for a quote.
No very nice lady from Business Link, we don't want or need a business plan.
Yes we want to pay the very expensive chippy to hoover up the mess.
It will cost a lot of money to get us to travel more than 5 miles from my house for work.
Yes Mr & Mrs customer we have to have a key whilst we work in your house, or you make us prisoners here while you go to work.
No we will not come out and give you a quote to fit a 'cat flap', get a cat flap fitter.
erm maybe I am a monster.....Ho Hum!!!!!
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Late payment is always a problem - especially for someone just starting out like myself. I get caught in the catch 22 situation - whilst they know there is a bill lying overdue, they don't rush to pay it (assuming correctly that I am not going to chase it for a while as I don't want to risk annoying a potentially large customer).
I also have the problem of peoples expectations. Now, when you get a load of PC's through the door, all with varying degrees of problems. Everyone thinks that I should be able to look at theirs there and then, and fix it on the day. Not realistically possible. whilst I try to look at all machines on the day, I cannot always get them repaired on the same day. Sometimes you need parts which are not totally standard and you cannot stock ALL of these.
Try ringing a fridge repairman and asking him to come look at your fridge - he will not come on the day and definitely will not fix it the day it is broken. This is accepted, yet PC repairs are not? What is that all about?
oops, getting into a rant here
Anyway, interesting thread Dan.
I also have the problem of peoples expectations. Now, when you get a load of PC's through the door, all with varying degrees of problems. Everyone thinks that I should be able to look at theirs there and then, and fix it on the day. Not realistically possible. whilst I try to look at all machines on the day, I cannot always get them repaired on the same day. Sometimes you need parts which are not totally standard and you cannot stock ALL of these.
Try ringing a fridge repairman and asking him to come look at your fridge - he will not come on the day and definitely will not fix it the day it is broken. This is accepted, yet PC repairs are not? What is that all about?
oops, getting into a rant here
Anyway, interesting thread Dan.
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- Original Poster
- #30
As an added extra, everyone who takes part in the poll before 3pm on Thursday 19 July will be entered into a prize draw to win a copy of Six Of The Best: Lessons In Life And Leadership, a book from the Chartered Management Issue focusing on six of the best-known and most acute business minds in the world including trade minister and former CBI chief Sir Digby Jones, Cobra Beer boss Lord Karan Bilimoria and Andy Green, chief executive of BT Global Services.
All those who have already taken part will be entered into the draw. Good luck!
All those who have already taken part will be entered into the draw. Good luck!
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My biggest problem is my suppliers... They fall into some of the categories below:
Plenty more thoughts to come... This is my initial rants
- We order a product in February and 50% of it still hasn't been delivered.
- We order products and they've been shoddily made, missing stain, rattling parts, wrong instructions and much much more. I refuse to pay our suppliers for them because I refuse to sell them to our customers. We have to test and check EVERY product we buy from one supplier
- Suppliers who's main offices are based abroad. When you order from the UK Business, you get a delivery from abroad and pay massive shipping costs, which were never clear beforehand
- Suppliers who insist on you processing orders online, then call you two days later to tell you the cost of your products and what's available, then not accepting card payments... Partly automated pre-historic processes - completely insane
- Delivery companies who take great delight in throwing glass products around, clearly labelled as "Fragile", then taking over six months to process a claim for damages (they don't tell you that when you sign up with them either!)
- Delivery companies who let their drivers say what they'll do and when they'll do it - rather than listening to THEIR customers
- Suppliers who employ the cheapest staff possible and ask them to process invoices, credits and take orders. These people tend to be extremely sloppy and don't read what is written.
Plenty more thoughts to come... This is my initial rants
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Mine would be customers not being specific and also changing their minds. Sometimes I feel that pulling teeth would be an easier profession than getting certain customers to commit to exactly what they want.
(although - the best brief I ever had was ".... you know what I need .... just go away and work your magic ! " ). With great customers with whom I have long standing relationships, that is fine, with new ones being inspecific it becomes hard work!
(although - the best brief I ever had was ".... you know what I need .... just go away and work your magic ! " ). With great customers with whom I have long standing relationships, that is fine, with new ones being inspecific it becomes hard work!
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The payment thing bugs me to eternity!
If I go into virtually any retail premisis, I have to pay for the goods / service there and then, but when I do work for a retail outfit, they want a 30 day invoice! If I ask for payment on completion, I get a bemused look - WHY??? Why is it ok for them to request immediate payment, but I can't?
If I want a new £2k plasma tv, I have to pay on the spot, but if they want me to fit £2k worth of air conditioning in thier shop, they want a 30 day invoice - it drives me nuts!
I am NOT a 30 day interest free loan company and nor should ANY of us be!!
Rant over....
If I go into virtually any retail premisis, I have to pay for the goods / service there and then, but when I do work for a retail outfit, they want a 30 day invoice! If I ask for payment on completion, I get a bemused look - WHY??? Why is it ok for them to request immediate payment, but I can't?
If I want a new £2k plasma tv, I have to pay on the spot, but if they want me to fit £2k worth of air conditioning in thier shop, they want a 30 day invoice - it drives me nuts!
I am NOT a 30 day interest free loan company and nor should ANY of us be!!
Rant over....
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So, amazing ...The highest result in "Late Payments"??Nowadays , i've a problem with Late Payment as well ...
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T
Toni Q
Hmmm... me too. How come you didn't have an option on the poll for "finding customers"? I think it would have scored well!
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I think you have hit a really good point there Toni.That if I'm honest is probably my problem,I suppose I think if I push too hard one of two things might happen.(1) I might lose future business if I become a pain up the rear end and(2)I might think it gives the impression that I am struggling by chasing every pound (sometimes I am,).Which I believe is definately not what I want customers to think,especialy when some of my customers spends thousands per anum with me.So how pushy should we be?
Paul
Paul
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